Indonesia’s KinerjaPay buys digital payments firm Mitra Distribusi Utama

Photo: KinerjaPay

Indonesia’s US-listed digital payment and e-commerce platform KinerjaPay, through its subsidiary Kinerja Indonesia, has agreed to acquire local digital payment company PT Mitra Distribusi Utama (MDU). The financial details of the deal were not disclosed.

In an official statement, KinerjaPay says the acquisition process, which is expected to be accomplished by the end of 2018, will provide additional profit to the company and a total sales of $39 million.

MDU offers digital payment solutions for mini-market entrepreneurs, supermarkets, convenience stores, restaurants, workshops, and e-commerce sites.

It has been operating as mobile prepaid top-up data package provider for all telco operators in Indonesia since 2007 and in 2017 recorded over $30 million of sales, mainly in selling prepaid top-up balances and data plan for internet usage to Indonesia’s ever-growing mobile internet users.

KinerjaPay says, the integration of Mitra Distribusi Utama and Kinerja Indonesia will grow and strengthen its business throughout the country.

“This acquisition will transform KPAY’s position in the market to become one of the leading mobile prepaid companies in Indonesia. With the current average transaction volume of more than 2 million transactions per month, MDU will contribute significantly to the total transaction volume and revenue for the company,” said KinerjaPay chairman and CEO Edwin Witarsa Ng.

KinerjaPay is a digital company running a web portal and mobile application that provides payment solution while shopping online at its marketplace platform. It became the first Indonesian e-commerce company to be listed on the US OTC Market.

Earlier this year, the company acquired Kinerja Indonesia, whose line of businesses includes data center, web hosting and development, network solutions, e-wallet and games.

The acquisition of Kinerja Indonesia gives KinerjaPay access to cloud network and IP technology. The company had said it looked to enter the cloud computing services business with its very own KinerjaCloud. The technology will also enable the company to expand beyond Indonesia into Vietnam and Thailand.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.